AGQ vs. BITO

Last updated Jun 26, 2026

AGQ (ProShares Ultra Silver) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - AGQ is a Silver fund tracking the Bloomberg Silver Subindex (200%), while BITO is a Cryptocurrency fund actively managed by ProShares. AGQ is passively managed, while BITO is actively managed. Over the past 3 years, AGQ returned 34.09%/yr vs 17.05%/yr for BITO. At a 0.19 correlation, their price movements are largely independent. AGQ charges 0.93%/yr vs 0.95%/yr for BITO.

Performance

AGQ vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Silver (AGQ) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGQ achieves a -58.02% return, which is significantly lower than BITO's -33.32% return.

AGQ

• 1D: 2.17%
• 1M: -45.30%
• YTD: -58.02%
• 6M: -61.16%
• 1Y: 35.08%
• 3Y*: 34.09%
• 5Y*: 7.22%
• 10Y*: 4.34%

BITO

• 1D: -1.10%
• 1M: -22.17%
• YTD: -33.32%
• 6M: -33.16%
• 1Y: -47.20%
• 3Y*: 17.05%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AGQ vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
AGQ ProShares Ultra Silver	-58.02%	360.71%	23.92%	-15.09%	-7.89%	-1.05%
BITO ProShares Bitcoin Strategy ETF	-33.32%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between AGQ and BITO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021	0.19

Return for Risk

AGQ vs. BITO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AGQ

AGQ Risk / Return Rank: 19
AGQ Sharpe Ratio Rank: 13
AGQ Sortino Ratio Rank: 25
AGQ Omega Ratio Rank: 33
AGQ Calmar Ratio Rank: 14
AGQ Martin Ratio Rank: 13

BITO

BITO Risk / Return Rank: 1
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 1
BITO Omega Ratio Rank: 1
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AGQ vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Silver (AGQ) and ProShares Bitcoin Strategy ETF (BITO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AGQ	BITO	Difference
Sharpe ratio: Return per unit of total volatility	0.28	-1.07	+1.36
Sortino ratio: Return per unit of downside risk	1.27	-1.65	+2.92
Omega ratio: Gain probability vs. loss probability	1.20	0.82	+0.38
Calmar ratio: Return relative to maximum drawdown	0.42	-0.88	+1.30
Martin ratio: Return relative to average drawdown	0.79	-1.49	+2.29

AGQ vs. BITO - Sharpe Ratio Comparison

The current AGQ Sharpe Ratio is 0.28, which is higher than the BITO Sharpe Ratio of -1.07. The chart below compares the historical Sharpe Ratios of AGQ and BITO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AGQ vs. BITO - Drawdown Comparison

The maximum AGQ drawdown since its inception was -98.16%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for AGQ and BITO.

Drawdown Indicators

	AGQ	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-98.16%	-77.86%	-20.30%
Max Drawdown (1Y) Largest decline over 1 year	-84.08%	-54.01%	-30.07%
Max Drawdown (3Y) Largest decline over 3 years	-84.08%	-54.01%	-30.07%
Max Drawdown (5Y) Largest decline over 5 years	-84.08%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-84.08%	—	—
Current Drawdown Current decline from peak	-91.09%	-54.01%	-37.08%
Average Drawdown Average peak-to-trough decline	-79.87%	-36.89%	-42.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.27%	31.65%	+12.62%

Volatility

AGQ vs. BITO - Volatility Comparison

ProShares Ultra Silver (AGQ) has a higher volatility of 31.74% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.96%. This indicates that AGQ's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGQ	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.74%	12.96%	+18.78%
Volatility (6M) Calculated over the trailing 6-month period	135.91%	34.32%	+101.59%
Volatility (1Y) Calculated over the trailing 1-year period	124.44%	44.16%	+80.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.81%	55.00%	+20.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.28%	55.00%	+11.28%

AGQ vs. BITO - Expense Ratio Comparison

AGQ has a 0.93% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

AGQ vs. BITO - Dividend Comparison

AGQ has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 74.68%.

Position	TTM	2025	2024	2023
AGQ ProShares Ultra Silver	0.00%	0.00%	0.00%	0.00%
BITO ProShares Bitcoin Strategy ETF	74.68%	78.29%	61.59%	15.14%

Frequently Asked Questions

Can I hold both AGQ and BITO in my portfolio?

AGQ and BITO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGQ or BITO?

AGQ has higher volatility (31.74%) compared to BITO (12.96%). In terms of maximum drawdown, AGQ dropped -98.16% vs BITO's -77.86%.

Which ETF is better, AGQ or BITO?

On 3-year performance, AGQ leads with 34.09% vs 17.05% for BITO. On fees, AGQ is cheaper at 0.93% per year. On volatility, BITO has been the lower-risk option at 12.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGQ or BITO?

Over the 3-year period, AGQ has performed better with a 34.09% return vs 17.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGQ or BITO?

AGQ is cheaper with a 0.93% expense ratio, compared with 0.95% for BITO.

Which ETF pays a higher dividend yield, AGQ or BITO?

BITO has the higher dividend yield at 74.68%, compared with 0.00% for AGQ.

What is the main difference between AGQ and BITO?

AGQ is categorized as Silver, while BITO is Cryptocurrency. Their fees differ too: 0.93% for AGQ and 0.95% for BITO.

Which has better risk-adjusted returns?

AGQ currently has the higher Sharpe Ratio (0.28 vs -1.07), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.